Sony names Kazuo Hirai as president

The current vice president will replace Sir Howard Stringer on April 1. Stringer, meanwhile, will be offered the role of board chairman in June when Yotaro Kobayashi retires.

Despite a 60% drop in share prices since Stringer's appointment in 2005, Hirai praised his predecessor, saying that if it was "not for the strong leadership of Sir Howard Stringer these past seven years, we would have been in a much more difficult position".

Outlining his plans for the future, Hirai said: "The path we must take is clear - to drive the growth of our core electronics businesses - primarily digital imaging, smart mobile and game; to turn around the television business; and to accelerate the innovation that enables us to create new business domains."

News of Hirai's promotion was leaked earlier this month. The appointment appeared inevitable, as the executive has helmed the company's highly profitable consumer products and services division since last March.